Student morgage...Help!

samabbey4

Hi we currently pay 500pcm. Me my partner and we have a 8 month old baby. I find it so expensive and frustrating.

Does anyone know based on
My student loans of 9100 per year
My partners annual income being around 10000 after tax
Tax credits of 100 per week and child benefit of 20 per week

Is there anyway of getting a mortgage! We could save a deposit and we do get around 600 per week. Neither of us have poor credit.

Thanks

samabbey4

Mortgage I meant!

ACG

Nobody is going to accept a student loan as income.

So you are looking at an income of £16,240. At best you will get a mortgage of £60-66k. I cant see you getting much more than that.

kingstreet

Lenders use gross annual income, not net. £10k a year net is about £11k a year gross according to my NatWest converter.

Student loans aren't income, so won't be included.

Some lenders will take tax credits and child benefit into account.

Two adults applying to one high street lender with £17,240 income made up of salary and child benefit/tax credits would be able to borrow £43,795 over maximum term, 40 years.

Any childcare costs, credit commitments, ground rent/service charges would reduce the amount which can be borrowed.